Variable direct debits (for fixes) - is this the future?

Takmon

Anthorn wrote: »

That's how EDF does it on the tariff I'm on, Exclusive Easy Online Dec 19: i.e. "We request meter readings every year but we will try to do it every 6 months but we don't guarantee it" and "We may revise direct debits when we receive a meter reading but that's not guaranteed".

EDF's calculation of my consumption over 12 months split into 12 equal monthly instalments is pretty accurate so I would not submit meter readings unless they increased the direct debit or I know my consumption has increased.

The wording you have posted seems to be how often they will send someone round to take a meter readings.

Personally i would always take at least monthly readings for my own records just to keep an eye on my usage. It's not unknown for meters to become faulty and taking regular readings will mean 6 months don't go by without a fault being noticed.

Anthorn

joe134 wrote: »

Hi Anthorn , I am still with SP,ain’t taken the plunge to leave yet !
I’m having the first bother with them in approx 20 years.
I changed to their 2 year tariff, mid dec.( no penalty), main reason,my dec 18 now expired.
My Dd always comes out 1st of the month.
Jan 1st no Dd taken , ergo £166 in debit.
Contacted them, ok, no probs, take it 1st of feb, ok with that, so I would be £300+ in debit, nothing unusual for me with SP, it’s the norm.

Yup similar for me when I moved. My account at my previous address was closed, credit refunded, account at my new address opened, no direct debit taken in the first month, direct debit set for £57-something when MSE CEC, Uswitch and my own calculations were £38 per month. Then I just gradually built up credit over the year which was then refunded after I switched to EDF. Over the year they said they will adjust the DD first to £42 per month and then to £12 but that never actually materialised. But personally I'm not too bothered about account credit - better to be in credit than in debit.

Anthorn

Takmon wrote: »

The wording you have posted seems to be how often they will send someone round to take a meter readings.

Personally i would always take at least monthly readings for my own records just to keep an eye on my usage. It's not unknown for meters to become faulty and taking regular readings will mean 6 months don't go by without a fault being noticed.

Tell you what. You do it your way and I'll do it my way. Deal?

Takmon

Anthorn wrote: »

Tell you what. You do it your way and I'll do it my way. Deal?

I was just telling you how often i did it and one of the reasons why. It isn't exactly difficult taking monthly readings but if you decide it's not worth your time then that's up to you.

woolythoughts

OVO currenlty have £1500 of my money in credit - they give me more interest than any of the banks do

I pay £250 per month every month and this credit balance keeps increasing.

I'm happy with that until they tell me not pay them for a while I'll keep getting the interest

Capyboppy

grumpycrab wrote: »

Did you do a comparison first? Guess the "no penalty" referred to your previous fix (if the current one - do a comparison!).
Also, if you dont like being in debit - pay some back.

I have literally just swapped to Bulb after reading the options I have for my 1 year fixed rate ending this month.

I noticed how high the 2 fixed tariffs were, especially compared to the standard tariff. Fixed tariffs have always been higher, due to the ‘scare tactics’ of the utility companies (fix now else they will go sky high). I had been with SP for many years, including the regular arguments on the phone with them re monthly payments. Example being; how can they justify putting it up from £60 to £80 pm when I am £250 in credit, and added the £200 over 60 allowance, plus the £140 warm front discount? This year we were away from home in November for nearly a month too. Hopefully I have made the right decision as ‘household financial manager’. :rotfl: